"Make It Stop!" - Amid 'Impossibly' Easy Vol-Trading, Nomura Worries About What Happens Next

"I mean seriously... make it stop, please!"

Nomura's Charlie McElligott is worried that things are just a little too good to be true for traders currently.

Specifically, he highlights that the dangerous dance builds - as from a risk-adjusted basis, “Short Vol” is crushing even “Long Stock” in everything but QQQ / Nasdaq Long only, with the AI “manna from heaven” - as a lot of the Asset Manager complex looks at the SPX fully-valued here at 19x and is more than happy to keep Overwriting (while others Underwrite), and Systematic “Short Vol” prints.